Member

I turn to the issue of scale and Motion F on Lords Amendments 26 and 37. These amendments, together, would grant powers to the Government to make regulations that would allow regulators to exempt a master trust or a group personal pension—GPP—from meeting the scale requirement where the relevant regulator is satisfied there is no reasonable evidence that consolidation would be in members’ interests. Although I understand the intent of Amendment 26, and the consequential Amendment 37, they are likely to undermine the policy intent for scale, which is a market of fewer, bigger and better-run schemes which, crucially, can deliver better outcomes for members. That is because they risk an unstable landscape for members and employers, as well as creating significant difficulties for regulators.